In what could be termed a major boost for the adoption of cryptocurrencies, Citizens School in Dubai has announced that it will start accepting tuition fees in Bitcoin and Ethereum cryptocurrencies. The processing platform that will facilitate the transactions is yet to be named, and according to the information available, the two currencies will be converted into the United Arab Emirates Dirhams to facilitate the transaction.
According to this recent Bitcoin price prediction, bitcoin could see a rally towards the end of the year.
Commenting on this development, the founder of the Citizens School, Adil Alzarooni, said that this facility would help in the adoption of cryptocurrencies among a wider set of audiences. He added that this decision would facilitate the path for boosting the digital economy of the country in a big manner. This will also help young students aspire to the digital economy and become new-age innovators in the coming time.
The chief executive officer of the school, Hisham Hodrog, also emphasized the technology aspect of the digital payment system and said that this particular decision would help the children to show greater interest in blockchain technology. The school is also mulling various methods to adopt the open ledger technology for its administrative and academic processes.
The new session for the school is going to start in the month of September this year, and seats are available for students aged between 3 years and 11 years. According to the official website of the school, the mentioned tuition cost ranges between 45,000 AED to 65,000 AED for a year. Remember, this amount excludes the cost of the VAT component, mandatory iPad, transportation, extracurricular activities, field trips, and school lunches,
It is important to note that UAE has adopted cryptocurrencies in a big manner with its policies embracing the prospects of digital currencies with open arms. Due to the crypto-friendly policies of the country, FTX and Binance have received licenses to operate in Dubai. In addition, the various policymakers and regulators in Abu Dhabi are also working hard to come up with recommendations related to the trading of non-fungible tokens in the country.
It will be interesting to witness how this particular development will enhance the adoption of cryptocurrency in the UAE. The country is sitting at the cusp of making a transition to the digital economy, and this particular step taken by one of the players in the education industry can definitely help in the cause of cryptocurrency adoption among potential users and investors. In fact, other countries in the Middle East can also take a cue from this particular development and come up with policies that will clear the path for the greater adoption of cryptocurrencies in the entire region.